Submitted by business_centrik on 16/02/2017
The Union Cabinet on Wednesday approved the merger of State Bank of India with five of its associate banks including State Bank of Bik aner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore. The merger proposal was announced in May 2016 and was scheduled for March 2017. While announcing the decision, Finance Minister Arun Jaitley said that the Cabinet had earlier given its in-principle approval for the merger, and then had sent it to the respective banks for their suggestions. These suggestions have been taken on-board, and the decision has been formally approved by the Cabinet.